Robert L. Johnson, America’s first Black billionaire is calling for reparations from the federal governmentHis $14 trillion estimate would have an approximate $333,400 per Black American.He also called on lawmakers to adopt a bill from decades ago that would allow for reparations.Check out more stories from Insider's business page.Robert L. Johnson, America’s first Black billionaire and the founder of Black Entertainment Television (BET), has called on the federal government for $14 trillion in reparations to Black Americans. He also wants a check.Johnson claimed the accusation in a Wednesday interview with Vice News.Johnson stated to the outlet that reparations would require the whole country to admit that slavery was the result of 200 years of systemic racism, and that Black people have been denied $13-15 trillion in wealth. "We as a nation must now atone by paying Black people all races the rich, the poor, and the middlemen of our pockets."Based on 2019, data from the US Census Bureau, which showed that there were approximately 41.9 Million African-Americans living in the US, the figure could be equivalent to $333,400 per individual.There are many reasons why the wealth gap between Black Americans and white Americans exists. Redlining in the housing market and differences in education, homeownership, lower salaries, unconscious biases, and homeownership are all factors that contribute to the wealth gap between Black Americans, White Americans, and both races.Johnson, now 75 years old, stated to Vice News that a $14 trillion payout would close the wealth gap. Johnson says he isn't optimistic.Legislation has been introduced to support reparations for Black Americans. If it was passed, a bill to establish the "Commission to Study and Develop Reparation Proposals for African-Americans Act", also known as HR 40 would be a step toward reparations conservation. John Conyers, a Congressman from New York, introduced the bill for the first time in 1989.Vice News was told by Rashad Robinson, president of Color of Change (a civil rights advocacy group), that HR 40 will not provide reparations. However, it will move us on the path to being more truthful about what happened. "We are also seeing these conversations in local communities, and seeing a reparations mindset for some advocacy work to repay Blacks."Local efforts have also been made, such as in Evanston, Illinois, which was the first American town to launch a reparations program in March. The total cost of reparations for the Chicago suburb is $10 million. This includes $400,000 in mortgage relief to families.Johnson stated that reparations should be made to all Black Americans, regardless of their wealth. Johnson cited Oprah Winfrey and Lebron James as examples of successful Black people who deserved a check.Johnson stated that if you are a Black business owner, it is possible to have enough. But no one asks whether a white-owned company is too wealthy to invest in a football stadium or receive other benefits such as preferential tax treatment and liquidity injections by the Federal Reserve.
